Team fees application Tricount setlles for €500K funding

Belgium’s Tricount presents an application to assist groups of pals or partners share and settle fees, and counts the likes of Splitwise, and Splittable as competition.

Having said that, not like all those rivals, the startup, which in fact commenced out lifetime as a facet venture as much as back again as 2010, has nevertheless to acquire any exterior investment decision. Until now, that is.

Tricount is now disclosing its initially funding spherical: €500,000 from Belcube, the Brussels-primarily based incubator and investment decision automobile of Harold Mechelynck, Jean Zurstrassen and Grégoire de Streel — three productive Belgium entrepreneurs at the rear of corporations this sort of as Skynet, Keytrade, and Ogone.

In spite of the application by now chalking up almost 600,000 consumers and, I’m informed, on keep track of to hit the one million mark this 12 months, the funding is in fact going to enable Tricount’s two founders, Guillebert de Dorlodot and Jonathan Fallon, to perform whole time on the startup for the initially time. There’s bootstrapping and there’s bootstrapping. This feels like the serious factor.

They’ve also employed Nicolas de Biolley as CEO and Promoting Manager. Biolley earlier worked at startups Skynet, Keytrade, and Netway, and was most just lately Challenge Director at Digitas LBi in Paris.

“Tricount simplifies settling debts in a team, generally when going on a holiday break with pals, or for men and women living collectively. Instead of having to compute all your fees in an excel sheet, anyone inputs their fees in the application, and Tricount does the maths,” explains de Biolley.

“The neat trick is that Tricount will simplify who owes to whom by minimising the selection of reimbursements desired to get well balanced accounts”.

Common use instances include things like going on holiday break with pals, sharing a dwelling, throwing a social gathering or only going out for beverages. “Many partners use it too, so you can square matters out easily at the finish of the thirty day period: who paid the hire? and many others.,” he adds.

As for how Tricount programs to contend with the plethora of other applications making an attempt to resolve the similar challenge, de Biolley says simplicity is paramount. This features not demanding consumers to signal up to start out utilizing the application, an offline method, which allows the application perform improved on vacation, and offering a website-primarily based edition in addition to indigenous cellular applications.

Meanwhile, monetisation is now minimal to a very little marketing profits, but shortly the cost-free application will procedure payments for settling up, even though premium attributes also stay an solution.